We are pleased to present this monthly report on development activity within Hacienda. All report data are updated periodically and new information is posted to our web site as soon as it is publicly available.

Overview
The following overview will provide you with information on the most recent Hacienda activity pertaining to occupancy, tenants, sales and regional data of interest. Please also refer to selections found under the Project Overview section of our web site for related information.

Park Activity

Occupancy and Major Tenant Transactions {Summary of occupancy information and major tenant activity} Overall occupancy increased for the month to 93.23% owing to decreases in Flex, Office, and Retail space vacancy. For the month, Office space vacancy was decreased to 7.73%, Flex space vacancy decreased to 8.34% and Retail space vacancy decreased to 1.68%. Hacienda welcomed new tenants and congratulated others on recent expansions within the development over the last month: Philips, Riggatoni's Red Smoke Grill, Curry Kona, Verselus, and RaySent Technologies Inc.

Development {Summary of development approvals and project construction information} Residential construction has completed at the two Essex projects, The Galloway at Owens Drive and The Galloway at Hacienda Drive, as well as the new Summerhill Andares project on W. Las Positas Boulevard. Office construction is near completion on the new Roche Molecular Systems building at their campus off Stoneridge Drive. Tenant improvement work is also continuing for new businesses at the Rosewood Commons project.

Sales {Summary of project sales}: No sales were completed in the last month.